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This is Bob Larson with the Market Line Report for Friday July 28th. Sellers were busy in the market Thursday. From the floor of the CME in Chicago, here’s Todd Horwitz ...

Horwitz ... “Today we’re taking a look at live cattle, or fat cattle. And of course, the way we look at it, we think the bottoms are in here. We had the big sell-off down into the 90’s, then we had the big rally and we got a little sidewards pattern, and we got a little squeeze. And now, I think, if you look out to October, October fat or October live cattle is now something I think you want to be a buyer of. I think the $112 level or so, anywhere in there, even a little bit lower, is okay. I think, when you look at the Contango pattern that we’re now starting to reverse to, we were in Backwardation, which is you remember back in April, we saw that August cattle was trading at $106 when April was trading at $130. Well that pattern is now starting to rotate over to the other side bringing us into a more bullish type of pattern here.”

Portland prices for soft white wheat of Ordinary Protein for August ended the day up 2 ranging from 5-14 ¾ to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for August were up 10 ½ ranging from 5-56 to 5-76 DNS wheat with 14 % protein, prices for August were dn 18 ½ ranging from 8-11 ½ to 8-56 ½

Live Cattle for September were up $.20 at 113.77 ½ Aug Feeder cattle were up $1.87 ½ at 149.32 ½ Aug Class III milk was up $.01 cents at 16-39.